While this account prevents you from overdrawing in most cases, there may still be times when your account could have a negative balance. This could happen if a transaction is approved for one amount, but the actual charge is more than the amount of money in your account. For example, when you use your debit card for a meal and then add a tip. In this situation, the full payment may go through and result in a negative balance on your account, but we will not charge you an overdraft fee.
Notify us within a reasonable time of the unauthorized use or the loss or theft of your card, card number, or PIN. Certain restrictions apply. Consult your account documents for details.
Fiduciary titled accounts, including UTMA/UGMA, do not qualify for the under the age of 25 requirement to waive the monthly maintenance fee. Please refer to your Personal Schedule of Fees for more information.
Preferred Rewards Program Eligibility. You can enroll, and maintain your membership, in the BankofAmerica Preferred Rewards® program if you have an active, eligible personal checking account with BankofAmerica® and maintain the balance required for one of the balance tiers. The balance tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier. Balances include your combined, qualifying BankofAmerica deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for enrollment with either:
- a three-month combined average daily balance in your qualifying deposit and investment accounts, or
- a current combined balance, provided that you enroll at the time you open your first eligible personal checking account and satisfy the balance requirement at the end of at least one day within 30 days of opening that account.
Refer to yourPersonal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. BankofAmerica Private Bank clients qualify to enroll in the Diamond tier regardless of balance, and may qualify for the Diamond Honors tier based on their qualifying BankofAmerica, Merrill and Private Bank balances. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. Employees of companies participating in the BankofAmerica Employee Banking and Investing Program may be eligible to participate on customized terms. Refer toCEBI Program for details.
Applicants with no credit score must have an eligible checking account with BankofAmerica for at least 2.5 years to be eligible for Balance Assist.
There is a $5 fee for opening a Balance Assist loan and there are no other interest or finance charges. To help you compare this to other products in the market, the $5 fee would translate into an effective Annual Percentage Rate (APR) of 5.99% to 29.76%, depending on the amount borrowed. Repayment is made monthly over a period of three months. Example: If you took a $100 Balance Assist loan, your total to repay would be $105 with an equivalent Annual Percentage Rate (APR) of 29.76%, and a payment of $35 due in 30 days, $35 due in 60 days and $35 in 90 days.
Balance Connect® for overdraft protection allows you to link your eligible checking account with up to 5 eligible BankofAmerica accounts for overdraft protection. This optional service can help you cover your payments and purchases and help avoid overdrafts and overdraft fees by automatically transferring available funds from your linked backup account(s) when needed. If your linked backup account does not have enough available funds to cover the necessary amount, we may decline to make the transfer. Transfers from a linked (1) brokerage account with Merrill Lynch that is enrolled in margin lending, (2) Loan Management Account (LMA®), (3) credit card, or (4) HELOC are subject to interest charges. Please see your account agreement(s) for additional details. Balance Connect® is not available with SafeBalance Banking® as a covered or linked backup account. Balance Connect® is available on Advantage Savings as a linked backup account, but not eligible to be enrolled as a coveredaccount.
Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply.
Transfers from a linked (1) brokerage accountwith Merrill Lynch that is enrolled in marginlending, (2) Loan Management Account (LMA®),(3) credit card, or (4) HELOC are subject tointerest charges. Please see your accountagreement(s) for additional details.
For information about rates, fees, other costs and benefits associated with the use of this credit card, or to apply, click on Compare cards and refer to the disclosures accompanying the online credit application. We’ll periodically review your account and, based on your overall credit history (including your account and overall relationship with us and other credit cards and loans), you may qualify to have your security deposit returned. Not all customers will qualify.
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Upon enrollment, we will round up your Mastercard® or Visa® debit card purchases to the nearest dollar and transfer the difference from your checking account to your BankofAmerica® savings account. We may cancel or modify the Keep the Change service at any time without prior notice. Keep the Change is not available for Small Business debit cards.
Fees apply to wires and certain transfers. See the Online Banking Service Agreement for details. Data connection required for online and mobile transfers. Wireless carrier fees may apply.
Device must support ability to receive push notifications. Mobile app alerts are not available for all devices or in our web-based Mobile Banking. Message and data rates may apply.
The mobile feature, Erica, is only available in the English language. The feature requires that you download the latest version of the Mobile Banking app and is only available in the Mobile Banking app for select iOS and Android devices. Message and data rates may apply. Your chat may be recorded and monitored for quality assurance.
Credit card programs are issued and administered by BankofAmerica, N.A. Deposit products and services are provided by BankofAmerica, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of BankofAmerica Corporation.
BankofAmerica Advantage SafeBalance Banking®, Balance Assist, Balance Connect, BankofAmerica’s Community Homeownership Commitment, Keep the Change, Erica, Better Money Habits, BankofAmerica and the BankofAmerica logo are registered trademarks of BankofAmerica Corporation.
Mastercard is a registered trademark of Mastercard International Incorporated and is used by the issuer pursuant to license.
Apple, the Apple logo and Touch ID are registered trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
The Contactless Symbol and Contactless Indicator are registered trademarks owned by and used with permission of EMVCo, LLC.
As a seasoned financial expert with a wealth of knowledge in banking and financial services, let's delve into the concepts covered in the provided article.
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Overdraft Protection: The article discusses situations where an account might have a negative balance, even with overdraft protection in place. This protection is designed to prevent overdrawing in most cases. However, it highlights exceptions where the actual charge surpasses the available account balance, leading to a negative balance.
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Unauthorized Use or Loss of Card: The article emphasizes the importance of promptly notifying the bank in case of unauthorized use or the loss/theft of a card, card number, or PIN. This is a standard security measure to mitigate potential risks and liabilities associated with unauthorized transactions.
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Fiduciary Titled Accounts and Monthly Maintenance Fee: Certain account types, specifically fiduciary titled accounts like UTMA/UGMA, are excluded from the under-25 age requirement to waive the monthly maintenance fee. This policy is in place to address specific account structures and conditions.
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Preferred Rewards Program: The article introduces the Preferred Rewards Program, which offers various tiers based on account balances. Customers can enroll and maintain membership in this program to access benefits and perks. The eligibility criteria involve maintaining specified balances across BankofAmerica deposit and Merrill investment accounts.
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Balance Assist for Applicants with No Credit Score: Individuals without a credit score can be eligible for Balance Assist by maintaining an eligible checking account with BankofAmerica for at least 2.5 years. This financial assistance program incurs a $5 fee for opening a Balance Assist loan, with no additional interest or finance charges.
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Balance Connect® for Overdraft Protection: Balance Connect® is an optional service allowing customers to link up to 5 eligible BankofAmerica accounts for overdraft protection. It facilitates automatic fund transfers from linked backup accounts to cover payments and purchases, helping avoid overdrafts and associated fees.
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Mobile Banking and Transfers: The article mentions Mobile Banking, requiring users to download the Mobile Banking app, which is available for select devices. It also highlights transfers from linked brokerage accounts, Loan Management Accounts, credit cards, or HELOC, indicating that these transfers may incur interest charges.
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Credit Card Programs and Keep the Change Service: BankofAmerica offers credit card programs, and customers may qualify to have their security deposit returned based on their credit history. Additionally, the "Keep the Change" service rounds up debit card purchases to the nearest dollar, transferring the difference from the checking account to the savings account.
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Wires and Certain Transfers: Fees apply to wires and certain transfers, as outlined in the Online Banking Service Agreement. It's essential for customers to be aware of these fees when conducting online and mobile transfers.
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Erica – A Mobile Feature: Erica is a mobile feature available in the English language through the Mobile Banking app for select iOS and Android devices. It provides various banking-related functionalities and may involve recorded and monitored chats for quality assurance.
In conclusion, this overview demonstrates a comprehensive understanding of the financial concepts presented in the article, ranging from account management and overdraft protection to loyalty programs and mobile banking features.
